2023-08-10 06:59
The EURJPY is testing a ceiling area between 157.90 and 158.046 The EURJPY has seen up-and-down price action this week, but the most recent move has been to the upside and in doing so, has the pair retesting a key swing area ceiling between 157.90 and 158.046. Should the price move above that level it would take the pair to the highest level going all the way back to 2008 and open the door for further upside potential. Conversely, if the sellers can successfully lean against the level once again as it did in June, July, and now in August, that would once again disappoint the buyers looking for a break, and turn those buyers back to sellers. https://www.forexlive.com/technical-analysis/eurjpy-pushes-against-ceiling-area-key-area-for-both-buyers-and-sellers-in-the-pair-20230810/
2023-08-10 06:54
High from last week at 143.88 USDJPY is banging against August high The USDJPY is pushing against the high price from last week at 143.88. That is also the highest level since July 7. A break above would open the door for a run toward 144.00. Above that traders will start to look toward a swing area on the daily chart between 144.98 and 145.90. https://www.forexlive.com/news/usdjpy-pushes-up-against-the-swing-high-from-last-week-and-highest-level-since-july-7-20230810/
2023-08-10 06:51
High from last week at 143.88 USDJPY is banging against August high The USDJPY is pushing against the high price from last week at 143.88. That is also the highest level since July 7. A break above would open the door for a run toward 144.00. Above that traders will start to look toward a swing area on the daily chart between 144.98 and 145.90. https://www.forexlive.com/news/usdjpy-pushes-up-against-the-swing-high-from-last-week-and-highest-level-since-july-7-20230810/
2023-08-10 06:46
The next big data that the Fed is watching is coming up next At his press conference last month, Powell highlighted four key economic data reports and today we'll be getting to the second one. And this is perhaps arguably the most important one considering that next month's consumer inflation report will come at a time when we are observing the Fed's blackout period. The expectation is that we will see a monthly increase in CPI of around 0.2% - both for the headline and core readings. That will translate to a 3.3% estimate for headline annual inflation (vs 3.0% previously) and 4.8% for core annual inflation (vs 4.8% previously). Adam put out a good preview on the market reaction and what to expect in his post here. And as he noted, despite the fact that markets have the capacity to brush aside any higher inflation readings, there is a sense that economic jitters are starting to come back. The price action in US stocks yesterday was quite telling as the dip buying gave way to a late round of selling. That saw tech stocks in particular get hurt the most with the Nasdaq ending over 1% lower. There is once again some early optimism today but I'd wait on the US CPI report later to really think about it lasting through the day. I have a feeling that this time around, a decent beat on the inflation numbers could really do a number on risk trades after the kind of start we are seeing in August. https://www.forexlive.com/news/all-eyes-on-the-us-cpi-report-later-today-20230810/
2023-08-09 02:39
The video will show why 143.54 is key for traders today. The USDJPY moved sharply higher yesterday in the Asian session and ran into a resistance target between 143.44 and 143.54. In fact the high prices yesterday came in at 143.432, 143.485 and 143.45. The pattern is to have sellers against that swing area. However, I would expect that if the 143.54 level is broken, the sellers would turn to buyers and stop their trade out. That is the major theme for traders going into the new trading day. If you like to sell the USDJPY sell against the 143.54 level If you want to remain long (i.e. buy), get and stay above 143.54. It is as simple as that. For sellers, if the price does rotate to the downside getting and staying below 142.88 would give them more confidence with the 100 hour moving as 142.67 another key target. Conversely, break above 143.54, and traders will look toward the high price from last week at 143.88. That was the highest level going back to July 7. USDJPY has key resistance at 143.54 https://www.forexlive.com/technical-analysis/the-usdjpy-buyers-need-to-break-above-14354-to-increase-the-bullish-bias-why-20230808/
2023-08-09 02:38
The 100 hour moving averages at 1.27309. The 200 hour moving averages 1.2770. The GBPUSD trading between its 100 hour MA below and its 200 hour MAs. As a result, the technical bias is neutral in the short term. It would now take a move above the 200-hour MA at 1.27705 to increase the bullish bias. Conversely, a move below the 100-hour MA at 1.27309 would increase the bearish bias. In between and the buyers and sellers are battling it out and awaiting the next shove outside of the moving average borderlines. https://www.forexlive.com/technical-analysis/gbpusd-trades-between-its-100-and-200-hour-mas-and-awaits-the-next-shove-20230808/
